Lately, when I look at the options board, I can’t help but feel something. Put simply, what the buyer and the seller are really doing is betting on which side “time” will favor. If you’re the buyer, the time value keeps bleeding away day by day; if the market doesn’t move, you get slowly eaten up. If you’re the seller, collecting the premium looks pretty steady on the surface—but in reality, you’re exchanging tail risk for time. Every once in a while, a sudden little spike can make you spit back everything you’ve built up in front.

Over the past couple of days, people have been comparing RWA and U.S. Treasury yields with all kinds of on-chain yield products, and I can’t help but want to laugh. One is “time pays you interest,” the other is “time grinds you down.” Everyone is calculating the cost of time—just packaged differently. Anyway, I’m still the same: sitting low-frequency, waiting for volatility to work its way out on its own… As for whether you stand on the buyer’s side or the seller’s side, it probably depends on which kind of pain you fear the most.